The Biotechnology Industry Research Assistance Council’s (BIRAC) Rs.500 crore funding has attracted Rs.700 crore industry commitment for research and development over the last three to five years. Now in order to give an impetus to funding the young entrepreneurs, the Council has unveiled the University Innovation Cluster Programme (UICP) and Cluster Innovation Centre (CIC), a model conceived by Dr Sam Pitroda, chairman, National Innovation Council.

When BIRAC made the fund offering, it saw a Rs.700 investment coming in from the biotech industry. Since much of the investments have been made by small and medium enterprises and start-ups, we have looked future nurturing the new age young entrepreneurs. This has also led the Council to identify five universities in the country to identify the prospective entrepreneurs. The objective was to nurture a culture of applied research and innovation among students to catch them early to provide professional mentoring, said Dr Renu Swarup, advisor, Ministry of Science and Technology, department of Biotechnology and managing director, BIRAC.

One of the main engines of innovations in the country is biotechnology and it is now imperative to focus on fostering local ecosystems within Anna University, Chennai, Punjab University, Chandigarh, Tamil Nadu Agricultural University, Coimbatore, University of Rajasthan, Jaipur and University of Agricultural Sciences, Dharwad. There is also a fellowship grant of Rs.35,000 to Rs.50,000 to students, Swarup told Pharmabiz.

“Now funding in biotech companies is critical for growth. If there is no access to finance, innovation would be stalled . This is where we have gone to increase the entrepreneur zeal in an environment where there is an increased level of innovation,” she said.

This ecosystem will need to include stakeholders in the entire value chain from idea to discovery to proof.

“Under the initiative, a Cluster Innovation Centre in Biotechnology (CIC-B), established within the University, will be the nerve centre to manage the UICP. It would facilitate the creation of networks, partnerships between stakeholders to strengthen the innovation ecosystem. The cluster concept is seen to provide the impetus for pre-incubation support to innovative concepts that would merit converting into viable products. The assistance will include technical trainings, IP management, technology business management and access to risk finance.